Banking regulator, Reserve Bank of India has urged banks to give more push to electronic payment services offered by them. Top bank executives have been asked to formulate ways to make customers aware of the benefits of electronic services. This would also lessen the lengthy queues prevelant in front of teller counters.
Despite the fact that most banks have set automated teller machines (ATMs) in every nook and corner of the country and also offer net banking facilities, people still use the conventional method of individually going to the bank for every small transaction.
In a meeting held on November 3, the apex bank urged commercial banks to adopt methods and techniques like real-time gross settlement, national electronic funds transfer, and electronic clearing service, for transactions.
"RBI told banks to improve the penetration of electronic payment systems during a meeting to review the present situation," a bank executive said.
Executive directors of Allahabad Bank , Bank of Baroda , Bank of India, Central Bank of India , Dena Bank , Punjab & Sind Bank, Syndicate Bank , Uco Bank and Vijaya Bank were at the meeting presided over by RBI chief general manager G Padmanabhan.
RBI did not deny the fact that paper transactions do hold importance of priority character for people. It only urged to increase the usage of e- transactions.